They’re called LOBs for short, but they’re working on a fastball. Latino entrepreneurs are starting companies 50 times faster than any other demographic group and becoming a bigger part of the total U.S. consumer market every day. Already 17 percent of the U.S. population, the Latino community is predicted to grow to 30 percent by 2060, magnifying its effect on U.S. economic growth.
According to a study conducted by the Stanford Graduate School of Business, Latinos already owned 12 percent of all U.S. enterprises in 2012, with annual revenues of $661 billion. But the study’s poll of 1,800 Latino entrepreneurs concluded that LOBs are smaller and slower-growing than the national average. If they generated as much revenue as other U.S. businesses, the study concluded, they could add $1.4 trillion a year to the U.S. economy.
That’s a tough number to imagine, but here’s some sense of scale: It’s a stack of thousand-dollar bills 88 miles high. It’s about $4600 for every person in the U.S. It’s more than the GDP of every country in the world below the top ten.
Bottom line: It would add almost eight percent to the $18 trillion U.S. economy. Read the full story here.